Pirelli 9M’09 Key Messages, Financial Review, Pirelli Tyres & Parts, Pirelli Real Estate - Pirelli RE

1. MILAN – November 5, 2009

2. This presentation contains statements that constitute forward-looking statements and does not constitute an offer or solicitation for the sale, purchase or acquisition of securities of any of the companies mentioned and is directed to professionals of the financial community. These statements appear in a number of places in this presentation and include statements regarding the intent, belief or current expectations of the customer base, estimates regarding future growth in the different business lines and the global business, market share, financial results and other aspects of the activities and situation relating to the Company. Such forward looking statements are not guarantees of future performance and involve risks and uncertainties, and actual results may differ materially from those in the forward looking statements as a result of various factors. Consequently it is recommended that they be viewed as indicative only. Analysts are cautioned not to place undue reliance on those forward looking statements, which speak only as of the date of this presentation. Pirelli & C. SpA undertakes no obligation to release publicly the results of any revisions to these forward looking statements which may be made to reflect events and circumstances after the date of this presentation, including, without limitation, changes in Pirelli & C. SpA business or acquisition strategy or to reflect the occurrence of unanticipated events. Statement The Manager mandated to draft corporate accounting documents of Pirelli & C. SpA, Francesco Tanzi, attests – as per art.154-bis, comma 2 of the Testo Unico della Finanza (D.Lgs. 58/1998) – that all the accounting information contained in this presentation correspond to the documented results, books and accounting of the Company. Disclaimer

3. Agenda Pirelli 9M’09 Key Messages Pirelli Tyre & Parts Pirelli Real Estate Appendix Pirelli Financial Review

5. 2Q09 Group revenues EBIT % After continuous restructuring 2009 Targets (Feb.’09) 4.5-5.0% NFP 1.0 € /bln Pirelli 9M’09 results and 2009 FY targets update Green revenues and Capex information will be completed at year end 9M’09 3.3 5.0% 0.7 ~4.3 ~ 0.7 2009 revised Target (Nov. ’09) >4.3 ~4.5%

6. Agenda Pirelli 9M’09 Key Messages Pirelli Tyre & Parts Pirelli Real Estate Appendix Pirelli Financial Review

8. Pirelli EBIT trend € /mln 183.0 9 (26.1) (0.3) 8 9M09 9M08 Tyre Eco Tech Real Estate Broadband access Restruct. Costs 163.8  Organic EBIT: -11.2 2.1 (0.7) 0.1 0.2 (0.5) 8 3Q09 3Q08 Tyre Eco Tech Real Estate Broadband access Other activities Restruct. Costs 62.7  Organic EBIT: 52.6 3Q trend 9M trend € /mln 53.5 (7.5) Other activities (2.3)

10. Pirelli 9M’09 net financial position € /mln 1,027.7 2008 NFP 84.9 70.9 Cash out Restr. Costs 1H09 NFP 20.3 Others (96.2) EBIT before restr. 122.3 Dep/Am: 103.8 Capex: (80.3)  NWC & others: (166.1) 49.7 15.7 Cash out Restr. Costs 691.4 9M09 NFP (187.5) Others (294.1) 1107.6 EBIT before restr. 82.8 Dep/Am: 52.3 Capex: (32.0)  NWC & others: 84.4 TI Stake Sale 130.0 PRE Cap. incr. subscribed by minorities 167.4 -416.2 Fin. Inc./Expen. & taxes Operating Cash Flow Fin. Inc./Expen. & Taxes Operating Cash Flow

11. Pirelli Debt Structure as of September 30, 2009 Total Committed Lines Not Drawn 85 30 960 399 9 126 484 233 39 1,086 680 Committed Line Drawdown Other Borrowing 1,151 1,075 767 1,842 691 Net Financial Position Gross Debt Maturity 15 2009 2010 2011 2012 9M09 Total 870 *Financial receivables, cash and cash equivalents € /mln 175 Gross Debt maturity as of Sep. 30, 2009 2% 59% 26% 13% 0 Fin. Assets * Gross Debt Net Fin. Position

12. Agenda Pirelli 9M’09 Key Messages Pirelli Tyre & Parts Appendix Pirelli Financial Review Pirelli Real Estate

22. Recent Pirelli Tyre Highlights: 7/7/2009 Pirelli launches the new FH65 long distance M/H Truck tyre for MEA markets. Fall 2009 Fall 2009 Cinturato P6 is recognized by DEKRA tyre test focusing on fuel consumption and durability as the best tyre among the competitors both in mileage and in rolling resistance Cinturato P6 is recognized by tyre tests carried out by DEKRA as one of the best tyres among competitors both in mileage and in rolling resistance Cinturato P7 proves that safety and performance can be combined with energy efficiency, showing the highest results in all the six areas tested by T Ü V among some major competitors: straight aquaplaning, wet and dry braking, wet and dry handling, rolling resistance. Cinturato P6 proves to be the best tyre in terms of straight aquaplaning, wet and dry braking and wet handling. 3/7/2009 Pirelli celebrates the 80th anniversary of its industrial presence in Brazil, while announcing new investments worth 200 million dollar over a 3 year period. Summer 2009 Superbike World Championship: 6 consecutive years of success and satisfaction for teams and pilots with Pirelli as exclusive tyre supplier. Over 40 different R&D solutions developed in 2009 to stand up to fierce competitions. World Motorcross Championship: Pirelli wins MX2 with Scorpion MX fitted on KTM 17/9/2009 Pirelli is the exclusive partner of MCLaren for its new supercar, MP4-12C, with Pzero and Pzero Corsa Fall 2009 Pirelli introduces a package of financial services with BNP-Paribas “Credityre” to support sales of M/H Truck tyres to fleets and end-users in Europe Fall 2009 Pirelli Tyre expands its winter product range with Winter Snowcontrol Serie II, the tyre designed for mid-sized and city cars, the fastest growing segment in Europe. Fuel and noise reduction and safety are the main features of the new tyre launched in a three-day press trip through the Alps

23. Pirelli Winter Tyre Test Results MAGAZINE PATTERN SIZE FINAL RESULT Strength Chrono Winter 225/75R16 C TEST WINNER Top performance on snow, good on wet; harmonic, easily manageable and is forgiving mistakes. Winter Sottozero Serie II 225/45R17 V VERY RECOMMENDABLE Very balanced driving behaviour and good grip level at low friction. High traction and braking power on snow and wet. Winter Sottozero Serie II 205/55R16 H GOOD Top-Performance with a good traction and a stable cornering grip on snow, agile driving-behavior on dry. Winter Sottozero 235/55R17 H/V EXEMPLARY Very balanced winter tyre, short braking distance on every surface. Winter Carving Edge 205/55R16 T TEST WINNER On icy surface the Pirelli is easy to drive, and the grip level is never lost in any of the test. On snow Pirelli earns best position on test. Driveability remains uncomplicated and unchanged in all circumstances, which makes driveability easy. Winter Carving Edge 205/55R16 T EXCELLENT For the ice testing, Pirelli did very well. Is the quickest to start on snow. Judges to be outstanding to drive. Brakes equally well on wet and dry asphalt. Very good on ice and snow. Winter Carving Edge 205/55R16 T VERY GOOD The Italians have sharpen up the Carving and have now a very good grip on winter roads. The steering is very precise. CENTRAL EUROPEAN NORDICS

24. Revenues EBIT % After continuous restructuring 2009 Targets (Feb.’09) 6.5/ 7.0% Pirelli Tyre 2009 targets update 3.8 €/bln 2009 revised Target (Nov. ’09) ~3.9 € /bln ≥ 7.0%

26. Agenda Pirelli 9M’09 Key Messages Pirelli Tyre & Parts Appendix Pirelli Financial Review Pirelli Real Estate

28. ( € /mln) The 2008 result of 22.4 € mln includes one-off revenues in excess of +30 € mln (disposal of Lucchini area in Poland and indemnification for the replacement of Pirelli RE SGR in the Berenice Fund management . (*) Related to revenues on controlled initiatives. Consolidated profit and loss (*) A + B Revenues of which services activities 137.4 94.7 172.1 of which other revenues 61.8 21.1 124.4 EBIT ante restr. Costs, writedown/reval. (1.3) (2.0) 21.0 Income from Equity Participations (28.9) (20.9) 1.4 EBIT inl. Inc. From Equity Part. ante Restructuring costs, writedown/reval. (30.2) (22.9) 22.4 Restructuring Costs (13.2) (11.5) (17.6) Property writedowns/revaluations (11.9) (4.8) (1.4) EBIT inl. Inc.From Equity Part. After Restructuring costs, writedown/reval. (55.3) (39.3) 3.4 Interest Income from Participations 21.3 13.7 24.1 EBIT incl. Income from Equity Part. & Interest Income from Part. (34.0) (25.6) 27.5 Financial Charges (19.5) (14.7) (34.0) Profit Before taxes (53.5) (40.3) (6.5) Income Taxes (5.2) (2.4) (8.2) Net Income before discontinued operations (58.7) (42.7) (14.7) Discontinued Operations 0.0 0.0 4.1 Net Income (58.7) (42.7) (10.6) Minority Interests 0.8 0.4 (2.3) Net Income after minority interests (57.9) (42.3) (12.9) (8.9) (9.2) 46.5 A B 199.2 115.8 296.5 9M‘09 1H‘09 9M‘08

29. Details on service platform and on vehicles & funds (**) (*) Includes results from participated companies, success fees, promote and a capital gain from quota funds disposals. In 2009 it corresponds to the capital gain from disposal of 5% Pirelli RE SGR and 20% Credit Servicing. In 2008, 17.0 € mln are related to indemnification for the replacement of Pirelli RE from the Berenice Fund management . (**) 'Result' represents EBIT including income from equity participations before restructuring costs, writedown/ revalutations, interest income from participations Consolidated Revenues 94.7 172.1 Other Revenues (*) 7.9 2.0 17.6 Total Revenues 145.3 96.7 189.7 Result (**) (0.5) (3.2) EBIT from vehicles & funds (29.7) (19.8) 27.6 -of which Real Estate (35.6) (22.8) 13.2 -of which NPLs 6.0 3.0 14.5 Interest Income from Participations 21.3 13.7 24.1 Result(**) (8.4) (6.0) 51.8 TOTAL Result (**) (8.9) (9.2) 46.5 Service Platform & Holding Vehicles & Funds (5.2) 137.4 ( € /mln) 9M‘09 1H‘09 9M‘08

30. Segment report (**) (*) It includes 6.1 € mln from 5% SGR disposal. (**) It includes 17 € mln indemnification from Berenice Fund. (***) result Represents EBIT including income from equity participations before restructuring costs, writedowns/revaluations, interest income from participations ( € /mln) (*) (**) (0.5) (5.2) Italy 9M’09 9M’08 Germany Poland NPL Holding Total Service Platform Holding A. Vehicles & Funds B. Interest Income from Part. Subtotal 19.5 (21.0) 5.9 (1.6) A+B. Vehicles & Funds Total Result 18.9 0.6 8.5 19.5 2.2 (14.9) 12.3 (12.8) (6.4) (4.9) 7.7 (11.2) (1.1) 0.3 1.7 (0.8) (0.4) 17.4 1.1 17.0 (5.2) 6.0 1.3 0.8 0.2 14.5 6.3 14.7 (15.9) 0.0 (15.9) (17.5) 0.6 (17.5) 15.4 (29.7) 21.3 (30.2) 12.3 27.6 24.1 22.4 (15.9) (17.5) (15.1) 9.2 (2.6) 2.8 2.0 18.5 7.3 20.8 0.0 0.6 (8.4) 51.8 Total Result (***) 4.3 28.1 (0.4) (3.6) 0.9 18.0 2.1 21.0 (15.9) (17.0) (8.9) 46.5 9M’09 9M’08 9M’09 9M’08 9M’09 9M’08 9M’09 9M’08 9M’09 9M’08

33. 861.8 447.4 (99.2) (399.3) (*) 31.9 NFP 2008 Year End Capital Increase Lay-offs NPL (sale 20% C.S and refinancing Calyon) and SGR (sale 5%) NFP 9M’09 27.5 Investment 898.4 NFP 1Q’09 NFP 1H’09 828.5 19.9 Equity contribution to funds and vehicles Other 4.8 (*) Gross of closing costs NFP excluding shareholders’ loans ( € /mln)

34. € /mln Consolidated balance sheet Gearing Fixed Assets of which participations 389.0 405.7 632.0 of which goodwill 135.5 137.8 140.0 Net working capital 136.1 133.1 170.9 Net equity 687.0 366.4 616.7 Of which own net equity 679.9 361.7 609.8 Funds 55.4 66.3 46.7 Net Financial Position (43.5) 289.5 323.8 Of which shareholders’loan (490.9) (572.3) (610.7) NPF excluding shareholders’loan 447.4 861.8 934.5 NIC excluding shareholders’loan 1,189.8 1,294.5 1,597.9 0,65 2.35 1.52 562.8 589.1 816.3 Net invested capital 698.9 722.2 987.2 Total Funds 698.9 722.2 987.2 9M‘09 FY‘08 9M‘08

35. Back up

36. Profit & Loss and Net Financial Position by Business Unit Sales ∆ % ∆ % on organic sales EBITDA before Restruct Costs % on sales EBIT before Restruct Costs % on sales Restructuring Costs EBIT % on sales Devaluation/sale of participations in listed companies Financial Income/Charges Fiscal Charges EBIT post results from particip. excl. RE deval./reval. & restruct. costs Net income % on sales Attributable Net income Net Financial Position € /mln Pirelli Group – 9M’09 Results EBITDA Pirelli Tyre Pirelli Eco Technology Broadband Access Pirelli Real Estate Others Pirelli & C. Cons. 2,958.6 3,229.2 38.8 47.5 199.2 296.5 103.1 92.3 7.7 2.5 3,307.4 3,668.0 -8,4% -18.3% -32.8% 11.7% -9.8% -5.8% -32.8% -7.7% 382.8 378.3 (7.2) (5.8) 0.0 27.3 3.6 3.8 (18.0) (12.6) 361.2 391.0 12.9% 11.7% n.s. n.s. n.s. 10.9% 10.7% 364.7 346.6 (7.2) (5.8) (13.2) 9.7 3.6 3.8 (28.0) (12.6) 319.9 341.7 240.8 231.8 (8.8) (6.5) (5.4) 20.7 2.9 3.2 (24.4) (16.9) 205.1 232.3 8.1% 7.2% 6.2% 6.3% (18.1) (31.7) (17.6) (41.3) (49.3) 222.7 200.1 (8.8) (6.5) (18.6) 3.1 2.9 3.2 (34.4) (16.9) 163.8 183.0 7.5% 6.2% 5.0% 5.0% 3.8 27.6 (36.7) 0.3 (59.7) (43.0) (1.9) (1.2) 1.8 (9.9) 0.1 (1.3) 6.7 20.3 (53.0) (35.1) (75.9) (76.4) 0.0 0.0 (5.2) (8.2) 0.5 0.4 (1.0) (6.7) (81.6) (90.9) (30.2) 22.4 4.1 (12.1) 0,0 (8.0) 90.9 108.3 (10.7) (7.7) (58.7) (10.6) 3.5 2.3 (33.7) (128.6) (36.3) 3.1% 3.4% n.s. n.s. (57.9) (12.9) 18.2 (51.3) 1,298.6 892.4 42.9 12.8 (43.5) 323.8 (17.9) 32.0 (588.7) (205.3) 691.4 1,055.7 9M’09 9M’08 9M’09 9M’08 9M’09 9M’08 9M’09 9M’08 9M’09 9M’08 9M’09 9M’08 (13.2) (8.7) Other result from participations (55.3) 3.4 Net income before discont. operat % on sales 90.9 108.3 (10.7) (7.7) (58.7) (14.7) 3.5 2.3 (33.7) (116.5) (28.3) 3.1% 3.4% n.s. n.s. (8.7) -18.3% n.s. 11.7% (10.0) 12.5 42.1 (17.5) (155.3) (20.4) 70.0 (17.5) (155.3) EBIT post results from particip. Discontinued Operations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 * * Of which Pirelli RE property writedowns/revaluations: -4.2 €/mln in 9M’09 and -0.3€/mln in 9M’08 * * * ** ** * * * * * * * * * * * * ** ** *of witch Pirelli RE property writedowns/revaluations: -7.7€/mln in 9M’09 and -1.1€/mln in 9M’08

37. Profit & Loss and Net Financial Position by Business Unit Pirelli Group – 3Q’09 Results Sales ∆ % ∆ % on organic sales EBITDA before Restruct Costs % on sales EBIT before Restruct Costs % on sales Restructuring Costs EBIT % on sales Devaluation/sale of participations in listed companies Financial Income/Charges Fiscal Charges EBIT post results from particip. excl. RE deval./reval. & restruct. costs Discontinued Operations Net income % on sales Attributable Net income Net Financial Position € /mln EBITDA Pirelli Tyre Pirelli Eco Technology Broadband Access Pirelli Real Estate Others Pirelli & C. Cons. 3Q’09 3Q’08 3Q’09 3Q’08 3Q’09 3Q’08 3Q’09 3Q’08 3Q’09 3Q’08 3Q’09 3Q’08 Other result from participations EBIT post results from particip. Net income before discont. operat % on sales 1,042.7 1,062.9 10.5 14.1 83.4 103.7 30.3 28.9 2.9 3.6 1,169,8 1,213.2 -1.9% -25.5% -19.6% 4.8% -3.6% 142.0 91.8 (2.8) (2.5) 2.6 3.0 0.4 0.2 (7.1) (7.3) 135.1 85.2 13.6% 8.6% 11.5% 7.0% 133.6 65.1 (2.8) (2.5) 0.9 1.6 0.4 0.2 (17.1) (7.3) 115.0 57.1 94.3 40.8 (3.3) (2.6) 0.8 0.7 0.2 0.0 (9.2) (8.7) 82.8 30.2 9.0% 3.8% 7.1% 2.5% (8.4) (26.7) (1.4) (20.1) (28.1) 85.9 14.1 (3.3) (2.6) (0.9) (0.7) 0.2 0.0 (19.2) (8.7) 62.7 2.1 8.2% 1.3% 5.4% 0.2% 0.0 27.3 (15.1) (16.5) (16.7) (13.3) (0.8) (0.4) 2.9 (2.7) (0.6) 1.5 1.7 2.3 (13.6) (12.6) (32.5) (21.5) 0.0 0.0 (2.8) (1.7) (0.2) 0.6 (0.6) (3.6) (36.1) (26.2) (7.3) (15.3) (0.3) 36.7 6.6 (4.1) (3.0) (16.0) (22.0) (0.6) 2.1 (12.3) (10.5) (26.8) n.s. n.s. (15.6) (21.9) 11.9 (15.1) 1,298.6 892.4 42.9 12.8 (43.5) 323.8 (17.9) 32.0 (588.7) (205.3) 691.4 1,055.7 (1.7) 3.7 (16.1) (17.3) 36.7 6.6 (4.1) (3.0) (16.0) (21.7) (0.6) 2.1 (12.3) (10.5) (26.5) 3.5% 0.6% 0.3% n.s. 3.7 (10.0) (0.9) (0.5) 6.7 0.0 (16.0) 10.2 6.7 0.0 0.0 0.0 0.0 0.0 1.3% 0.7% 0.7% 0.0% 0.0 0.0 0.0 0.0 0.0 0.7% 0.0% 0.0 (0.3) 0.0 0.0 0.0 3.5% 0.6% -0.7% +1.4% -25.5% -19.6% 4.8% *of witch property writedowns/revaluations -7.1€/mln in 9M’09 and -0.6€/mln in 9M’08 * * * *

38. 9M’09 2008 Actual 4,001.0 4,001.0 4,083.8 4,083.8 2,570.7 2,374.4 738.9 681,7 3,490.0 3,686.4 511.0 397.4 Equity Provisions Net Financial Position Total Assets Fixed Assets Net Working Capital Net Invested Capital Pirelli & C. attributable Equity Equity per share 691.4 1,027.7 2,244.9 2,171.8 0.418 0.405 % Net Invested Capital 30.09.2009 31.12.2008 P.Tyre 66.9% 62.7% P.Eco Tech. 1.2% 0.8% P.Real Est. 19.4% 18.9% PBS 0.4% 0.4% Others 12.1% 17.2% € /mln Pirelli Balance Sheet

39. Pirelli Group Cash Flow € /mln 1Q’09 2Q’09 3Q’09 9M’09 Operating profit (EBIT) 50.3 72.0 82.8 205.1 Depreciation 51.4 52.4 52.3 156.1 Net investments (42.9) (37.4) (32.0) (112.3) Working capital/other variations (262.8) 96.7 84.4 (81.7) FREE CASH FLOW (204.0) 183.7 187.5 167.2 Financial income (expenses) (20.2) (19.2) (13.6) (53.0) Taxes charges (26.3) (19.2) (36.1) (81.6) OPERATING CASH FLOW (250.5) 145.3 137.8 32.6 Speed SpA acquisition - - - Financial investments/divestitures 37.9 78.1 129.4 245.4 Dividends paid (2.4) - (2.4) Cash out for restructuring (45.8) (25.1) (15.7) (86.6) Exchange rate differentials 7.2 (24.6) (2.7) (20.1) NET CASH FLOW (251.2) 171.3 416.2 336.3 9M’08 232.3 158.7 (217.3) (328.3) (154.6) (35.1) (90.9) (280.6) (835.5) (54.1) (168.0) (13.8) (5.8) (1,357.8) - - PRE Capital increase subscribed by minorities - - 167.4 167.4 -

40. Pirelli Group: Net financial position 9M’09 by Business € /mln Other Business Pirelli Group Gross Debt 1,615 502 62 253 1,842 to Corporate 445 69 61 Financial receivables (91) (506) (22) (574) (603) Cash and cash equivalents (225) (40) (4) (279) (548) Net Financial Position 1,299 (44) 36 (600) 691 TYRE PRE Corporate

41. Car 62% Moto 9% Steelcord & others 2% Truck 27% Sales by segment Sales by region Latin America 33% MEA 10% Asia Pacific 6% Europe 43% North America 8% 9M’09 Pirelli Tyre Mix Replacement 79% Sales by channel OE 21%

42. Synt. Rubber 23% Carbon black 13% Chemicals 17% Textiles 14% Steelcord 10% Natural Rubber 23% Raw Materials Source: SICOM 40.0 60.0 80.0 100.0 120.0 140.0 160.0 QI '07 QII '07 QIII '07 QIV '07 QI '08 QII '08 QIII '08 QIV '08 QI '09 QII '09 QIII '09 QIV '09 Avg 2007 = 100 Pirelli Tyre mix Natural Rubber price trend

43. People by cluster People by contract Europe 38% North America 1% Latin America 42% Asia Pacific 8% Permanent 92% Temps & Agency 8% MEA 11% Headcount Dec 08 Sept 09 28.601 9M’09 Pirelli Tyre People 27.283 People by region Blue Collar workers 81% Management 1% Staff 18%

44. U.K. Turkey Romania China Egypt Argentina Brazil Venezuela U.S.A. Spain Feira de Santana Santo André Gravatal Sumaré Brazil Car/Truck Truck/Agro Motorcycle/Truck Steelcord Italy Bollate (Mi) Car Settimo Torinese Car Settimo Torinese Truck Figline Valdarno Steelcord Izmit Steelcord Izmit Car/Truck Slatina Steelcord Slatina Car Yanzhou Car/Truck Alexandria Truck Merlo Car 9M’09 Pirelli Tyre factories Germany Campinas Car Guacara Car Rome (GA) Car Manresa Car Burton-on-trent Car Carlisle Car Merzig Steelcord Breuberg Car/Motorcycle

45. € /mln Ebit before restructuring costs, reval. / deval. (1.3) 21.0 Depreciation 5.4 6.6 Change in investments (36.8) (50.1) Change in other fixed assets 0.1 (14.8) Change in NWC, funds and other (0.9) (12.0) Free cash flow (33.5) (49.3) Impact from Facility Mgm disposal 0.0 102.4 Restructuring costs (31.9) (8.6) Interest income /expenses and taxes (1.0) 6.4 Cash flow before dividends (66.3) 51.0 Dividend paid 0.0 (85.1) Net cash flow (66.3) (34.1) Capital increase 399.3 0.0 Treasury shares purchase/sales 0.0 0.0 Total net cash flow 333.0 (34.1) Consolidated net cash flow 9M‘09 9M‘08

46. (*) No impacts on consolidated NFP since acquisitions are financed by a financial vehicle (**) It includes the acquisition of Highstreet for 4,625.0 € /mln, whose management is split in half with Archon. ACQUISITIONS RENTS 527.6 464.2 527.6 4,967.4 (**) 599.4 xxx 527.6 118.3 148.3 664.1 291.9 51.1 100% Pro quota 100% Pro quota € /mln Rents and sales evolution 9M‘09 9M‘08 9M‘09 9M‘08 9M’09 (*) 9M‘08 9M’09(*) 9M‘08

47. 173.7 Italy Germany SALES 527.6 207.7 RENTS 480.5 252.1 211.8 527.6 207.7 ACQUISITIONS 286.3 4,646.8 274.9 356.4 369.8 229.3 291.9 Poland 714.5 60.3 657.6 599.4 291.9 464.2 4,967.4 0.3 34.4 26.3 0.3 Real estate portfolio: sales, rents and acquitions by country € /mln 9M‘09 9M‘08 9M‘09 9M‘08 9M‘09 9M‘08

48. (*) Includes success fees, promote and capital gain from quota disposals of service companies (**) 'Result' represents EBIT including income from equity participations before restructuring costs, writedown/ revaluations, including interest income from participations Total economic results- total Pirelli RE (1/2) Consolidated revenues 44.0 29.5 70.1 Other (*) 17,0 Total revenues 50.1 29.5 87.1 Result (**) 18.5 8.6 18.0 Consolidated revenues 18.5 12.7 22.4 Other (*) Total revenues 18.5 12.7 22.3 Result (**) (4.7) (4.0) (10.9) Consolidated revenues 47.6 32.2 50.1 Other (*) Total revenues 47.6 32.2 50.6 Result (**) 6.4 4.6 4.9 Fund & AM Fee Agency Property Consolidated revenues 0.0 0.0 0.2 Other (*) Total revenues 0.3 0.2 0.1 Risultato Consolidato Facility 12.3 7.2 19.4 Result (**) Consolidated revenues 12.1 8.7 23.3 Other (*) Total revenues 14.0 10.7 23.3 Result (**) (5.2) (2.5) 0.2 Consolidated revenues 2.9 4.4 (12.9) Other (*) Total revenues 2.9 4.4 (12.9) Result (**) (15.9) (10.0) (17.5) Credit servicing Holding € /mln 0.0 6.1 0.0 0.0 (0.1) 0.0 0.0 0.5 12.3 7.2 19.2 1.8 2.0 0.0 0.0 0.0 (0.0) 9M‘09 1H‘09 9M‘08

49. (**) (*) Includes success fees, promote and capital gain from quota disposals of service companies (**) 'Result' represents EBIT including income from equity participations before restructuring costs, writedown/ revaluations, including interest income from participations Total economic results- total Pirelli RE (2/2) Consolidated revenues 137.4 94.7 172.1 Other (*) 17.6 Total revenues 145.3 96.7 189.7 Result (**) (0.5) (3.2) (5.2) Results from Vehicles & funds (29.7) (19.8) 27.6 Of which Real estate Of which NPL 6.0 3.0 14.5 Result (**) (8.4) (6.0) 51.8 Service platform & Holding Vehicles & funds 2.0 7.9 (35.6) (22.8) 13.2 Interest income from participations 21.3 13.7 24.1 Total Result (**) (8.9) (9.2) 46.5 € /mln 9M‘09 1H‘09 9M‘08

50. (**) (*) Includes success fees, promote and capital gain from quota disposals of service companies (**) 'Result' represents EBIT including income from equity participations before restructuring costs, writedown/ revaluations, including interest income from participations Economic results - Italy € /mln Consolidated revenues 73.9 50.1 106.4 Other (*) 17.0 Total revenues 80.0 50.1 123.4 Result (**) 19.5 6.7 18.9 Results from Vehicles & funds (21.0) (14.6) 0.6 Result (**) (15.1) (10.3) 9.2 Service platform Vehicles & funds 0.0 6.1 Interest income from participations 5.9 4.3 8.5 Total Italy (**) 4.3 (3.6) 28.1 9M‘09 1H‘09 9M‘08

51. (*) Includes success fees, promote and capital gain from quota disposals of service companies (**) 'Result' represents EBIT including income from equity participations before restructuring costs, writedown/ revaluations, including interest income from participations Consolidated revenues 32.1 21.4 57.0 Other (*) 17.0 Total revenues 38.2 21.4 74.0 Result (**) 16.4 6.0 22.4 Consolidated revenues 14.4 10.1 17.9 Other (*) Total revenues 14.4 10.1 17.9 Result (**) (4.5) (3.9) (9.9) Consolidated revenues 27.4 18.6 31.4 Other (*) Total revenues 27.4 18.6 31.4 Result (**) 7.6 4.6 6.4 Fund & AM Fee Agency Property 6.1 Economic results – service platform - Italy € /mln Consolidated revenues 73.9 50.1 106.4 Other (*) 17.0 Total revenues 80.0 50.1 123.4 Service platform 0.0 6.1 Result (**) 19.5 6.7 18.9 9M‘09 1H‘09 9M‘08

52. (**) (*) Includes success fees, promote and capital gain from quota disposals of service companies (**) 'Result' represents EBIT including income from equity participations before restructuring costs, writedown/ revaluations, including interest income from participations Economic results – Germany € /mln Consolidated revenues 44.4 28.5 49.3 Other (*) 0.6 Total revenues 44.4 28.5 49.9 Result (**) 2.2 2.7 (6.4) Results from Vehicles & funds (14.9) (8.8) (4.9) Result (**) (2.6) (0.9) 2.8 Service platform Vehicles & funds 0.0 0.0 Interest income from participations 12.3 7.9 7.7 Total Germany (**) (0.4) (1.8) (3.6) 9M‘09 1H‘09 9M‘08

53. (*) Includes success fees, promote and capital gain from quota disposals of service companies (**) 'Result' represents EBIT including income from equity participations before restructuring costs, writedown/ revaluations, including interest income from participations Economic results – service platform – Germany € /mln Consolidated revenues 10.3 7.0 11.0 Other (*) Total revenues 10.3 7.0 11.0 Result (**) 3.1 3.1 (2.8) Consolidated revenues 3.4 2.2 3.7 Other (*) Total revenues 3.4 2.2 3.7 Result (**) 0.2 0.0 (0.9) Consolidated revenues 20.2 13.6 18.6 Other (*) Total revenues 20.2 13.6 19.1 Result (**) (1.2) 0.0 (1.6) Fund & AM Fee Agency Property Consolidated revenues Other (*) Total revenues Service platform Result (**) 44.4 28.5 49.3 0.6 44.4 28.5 49.9 2.2 2.7 (6.4) 0.0 0.0 0.5 (0.1) Consolidated revenues 10.6 5.8 16.0 Other (*) Total revenues 10.6 5.8 16.1 Result (**) 0.1 (0.4) (1.1) Facility 0.2 9M‘09 1H‘09 9M‘08

54. (*) Includes success fees, promote and capital gain from quota disposals of service companies (**) 'Result' represents EBIT including income from equity participations before restructuring costs, writedown/ revaluations, including interest income from participations Economic results – Poland € /mln Consolidated revenues 4.0 3.1 6.1 Other (*) 0.0 Total revenues 4.0 3.1 6.1 Result (**) (1.1) (0.1) (0.4) Results from Vehicles & funds 0.3 0.6 17.4 Result (**) 2.0 1.7 18.5 Service platform Vehicles & funds 0.0 0.0 Interest income from participations 1.7 1.1 1.1 Total Poland (**) 0.9 1.6 18.0 9M‘09 1H‘09 9M‘08

55. (*) Includes success fees, promote and capital gain from quota disposals of service companies (**) 'Result' represents EBIT including income from equity participations before restructuring costs, writedown/ revaluations, including interest income from participations Consolidated revenues 1.6 1.1 2.1 Other (*) Total revenues 1.6 1.1 2.1 Result (**) (0.9) (0.5) (1.6) Consolidated revenues 0.7 0.5 0.7 Other (*) Total revenues 0.7 0.5 0.7 Result (**) (0.4) (0.1) (0.1) Consolidated revenues 1.7 1.5 3.2 Other (*) Total revenues 1.7 1.5 3.2 Result (**) 0.2 0.6 1.2 Fund & AM Fee Agency Facility Economic results – service platform - Poland € /mln Consolidated revenues Other (*) Total revenues Service platform Result (**) 4.0 3.1 6.1 0.0 4.0 3.1 6.1 (1.1) (0.1) (0.4) 0.0 0.0 9M‘09 1H‘09 9M‘08

56. (**) (*) Includes success fees, promote and capital gain from quota disposals of service companies (**) 'Result' represents EBIT including income from equity participations before restructuring costs, writedown/ revaluations, including interest income from participations Economic results – Npl € /mln Consolidated revenues 12.1 8.7 23.3 Other (*) 0.0 Total revenues 14.0 10.7 23.3 Result (**) (5.2) (2.4) 0.2 Results from Vehicles & funds 6.0 3.0 14.5 Result (**) 7.3 3.4 20.8 Service platform Vehicles & funds 2.0 1.8 Interest income from participations 1.3 0.4 6.3 Total Npl (**) 2.1 1.1 21.0 9M‘09 1H‘09 9M‘08

57. (*) The yields related to the real estate funds managed by SGR are based on the assumption pending the approval by SGR Board of the September 2009 financial statements Partecipated real estate assets under management – 100% € /mln

58. Pro-quota real estate assets under management € /mln (*) The yields related to the real estate funds managed by SGR are based on the assumption pending the approval by SGR Board of the September 2009 financial statements